Top tips for teaching children about money

What are the top tips for teaching children about money?

Educating your children about finances is vital, especially with new research showing around half of 18-25 year olds have substantial debt. When you start teaching them young, they grow up learning how to budget, spend and save wisely.

We recently chatted on Twitter about money matters for kids with the sponsorship of Gocompare.com. Find out more about children and finance with the results of its recent survey with the graphic to the right (scroll down to see large version), and visit Gocompare.com to find deals on everything from home insurance to credit cards to energy tariffs.

 

The importance of teaching kids about money

I think it’s important for kids to know that nothing is free and there’s a cost to everything in the shops @CymruEm

Big money toys are for Xmas/birthday lists or saving. Small money is something they can get now @domesticgoddesq

My kids only mainly receive gifts at birthday or Xmas. They don’t get pocket money so celebrations are extra special @CarlaRTOATSblog

What jobs do kids do to earn their pocket money or wages?

Give them little jobs as it teaches them independence and earns money too. Great development on their math skills @shaunmanda2012

My daughter dances and gives up her time to help teach 5-year-olds for money @Kazzer55

I worked in a salon and had a paper round at 13. It was my only source of money as a young teen it was a good lesson about money @CarlaRTOATSblog

My children earn money by helping mummy then they save it in their own saving pot @shaunmanda1012

I used to wash cars on Saturdays, hubby had a milk round and we’ll definitely encourage Saturday jobs. @inkedandspeccy

Saturday jobs are great. I worked in a pharmacy and only got £50 a month but I earned it! @inkedandspeccy

I have taught my children the benefit of learning to save for anything is to learn to earn. My children do little jobs @allisonsulliv18

They have chores at home and saving is the name of the game. Computer games cost a lot of money. That’s their incentive @LondonBirdLucy

How do you teach your child the value of saving and spending wisely?

Coupons can be a great way to save money, start them young @JadeBarni

For holidays my son likes to sort out stuff to sell on eBay for his spending money @maryh1980

Things are sometimes cheaper online! Teach children to shop around. Can’t beat an online exclusive @hayjay248

Teach your children the beauty of vouchers! They’re always helpful, even if it’s only for a small amount @hayjay248

Bank cards from a young age are a great introduction to digital budgeting @GoCompare

You could also get them to ask for money on birthdays to top up their piggy bank @KatiePrentice2

I’ve started Xmas shopping and thinking about how we will save for large purchases! @CarlaRTOATSblog

Parents want to know about the best savings accounts for kids. Do you have one?

You are never too young for a savings account. We opened one when my son was born and I pay in £10 per month and it all adds up. @thesoupdragon44

My daughter is 3 and I’ve got her savings acc set up with weekly payments since she was a baby @inkedandspeccy

Sometimes it’s hard to find a branch that’s open! We use an online savings account @jhowze

My son’s school has a savings club with the local credit union where children can save some money each week @FoxVillageFox

My granddaughter was born Fri. Want to set up savings account to avoid pointless pressies @Kazzer55

Learning about money is fun

Make it fun and visual. Stick a picture of the toy they are saving for on the fridge so their reminded of what they’re aiming for @LKash20

We set goals of which toy she wants to buy, set out how her chores and pocket money will achieve it! Fun flowchart! @JanTweetTweets

Taking them shopping, getting them to price compare, then weight etc. is good for all round saving and maths @Raindaisy5

I teach to look after things then they sell unwanted items and buy what they want with the money @crystal2370

Mine are still small but I exchange pretend money for items I buy from their ‘shop’ or ‘cafe’. Very sweet! @sixthsense_pr

[At grocery stores] I get the kids to find the product and price then see if there is another but cheaper-good for maths too @CarlaRTOATSblog

It is great to inject learning into the everyday things like shopping @kateonthinice

My son is only 2.5 but he knows what money is for so encouraging it early @mrsshilts

This is a fun and good way to teach children 🙂 #SmallSavers http://t.co/5tceeluzmo @Tiffffx

Where money education pays off

My daughter saved her birthday money and bought a 2nd hand iPhone! @Yelenicas

All of my 4 children have been good savers and it’s rewarding when they save enough no matter how long it takes @alisonsulliv18

When we go food shopping they show me offers now or tell me these biscuits etc. are better value @JAZZ_SHOEDANCE

The last word

Schools should teach about banks, loans, savings & where to go for financial help & advice like the CitizensAdvice @CarlaRTOATSblog

Saving leads the way to our futures. @LondonBirdLucy